The present disclosure generally relates to computer-based techniques for verifying claims associated with a financial transaction. More specifically, the present disclosure relates to a computer-based technique for verifying claim information associated with a claim made by an entity based on verification information associated with the claim information, where the verification information is obtained from an account associated with the entity.
While online financial transactions are increasingly popular, reports of fraud and identity theft have made dealing with potential unknown counterparties (i.e., strangers) during online financial transactions a source of concern. For example, it is often difficult online for people to demonstrate or prove their reputable identity attributes (such as an individual's employment status, education, etc.) without also sharing additional confidential information they would prefer not to share. However, disclosure of such additional confidential information to a stranger can put an individual at risk of fraud and identify theft, and violates their privacy. Moreover, it is often difficult for people to validate claims that are made online.
In many situations, people decide it is not worth the risk and difficulty to gain mutual trust during online financial transactions. As a consequence, many business and personal opportunities are missed, which adversely affects commercial activity and constitutes a significant opportunity cost.